Flexible Budget Application The cutting department of Liberty Manufacturing Company operated during September with the following manufacturing overhead cost budget based on 5,000 hours of monthly productive capacity: The cutting department was operated for 4,500 hours during September and incurred the following manufacturing overhead costs: Required Using a flexible budgeting approach, prepare a performance report for the cutting department for September, comparing actual overhead costs with budgeted overhead costs for 4,500 hours. Separate overhead costs into variable and fixed components and show the amounts of any variances between actual and budgeted amounts